There are various swaps you can make, but for the most part, there isn't much reason too. I run a 1976 aluminum CR gas tank and seat on mine, but that is just because I think they look so cool. It's really not as practical because I've cut my range in half with the smaller tank. I've ran a CR cylinder on it. Little less low end and a bit of a harder hit on the powerband, but it didn't turn it into a screaming banshee or anything. And if you want to use the CR's CDI ignition, then you have to lose your giant flywheel in order to do it. One of the real great things about the MR, in my opinion, is that you can grunt it right along at low rpm when you are riding trails because of the giant flywheel. It's like riding a four stroke at low rpm and a two stroke when you are really romping on it. What I would suggest is to use a 36mm Mikuni carb on it. Other than that, you can personalize it to your taste. If you don't use the lights, you can take them off, drop the chainguard and toolbox (assuming it is still there--probably not though) and lose a few pounds. But keep everything you take off because someday you might want it again.
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